Punjab National Bank yesterday detected some fraudulent transactions with financial implication of USD 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.

Nakshatra World filed its DRHP with the Securities and Exchange Board of India (SEBI) and the exchanges on Wednesday. The company had announced intentions to raise Rs 650 crore in an exchange notification in December 2016.

"The cancellation, however, is subject to the development commissioner furnishing a certificate that the developer has not availed any tax or duty benefits including under service tax exemptions, if any, under SEZ Act/Rules," the official added.

The crackdown on Rs 500 and Rs 1000 denomination notes has led to a sudden surge in demand for gold. People having huge stash of unaccounted cash are trying to convert their wealth into gold as they fear scrutiny by the tax department if the cash is deposited in banks.